Endeavour Holds Groundbreaking Ceremony to Mark the Start of Houndé Construction with President of Burkina Faso
(Thomson Reuters ONE) -
Endeavour Holds Groundbreaking Ceremony to Mark the Start of Houndé Construction
with President of Burkina Faso
View News Release in PDF Format
George Town, June 30, 2016 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF)
(the "Company") is pleased to announce that a groundbreaking ceremony was held
today at its Houndé Project site in Burkina Faso. Construction began in April
2016 and is progressing on-time and on-budget with the first gold pour expected
during the fourth quarter of 2017.
The ceremony celebrated an important milestone for both Endeavour and the
government of Burkina Faso, as Houndé is expected to become the Company's
flagship low-cost mine and a prominent mine within the country. More than
10,000 people attended the ceremony in support of the project, including the
President of Burkina Faso, the Prime Minister, the Minister of Energy, Mines and
Carriers, numerous other Government ministers, officials and diplomats, senior
community representatives and members, as well as Endeavour's executive
management, its Chairman of the Board, and Houndé employees.
Picture of President Roch Marc Christian Kaboré arriving at the ceremony. For
additional photos, please click on the following link
www.endeavourmining.com/media/image-library/hounde-groundbreaking-ceremony
Roch Marc Christian Kaboré, President of Burkina Faso, stated:
"We welcome Endeavour's investment in Burkina Faso, and the company's decision
to make a long-term commitment to our country. This reflects the favourable
investment environment that Burkina Faso has created for the mining sector, and
is a strong signal of the future health of the gold mining industry in our
country. The Houndé development will create hundreds of jobs, both directly in
mining and also ancillary services, and the associated prosperity will raise
living standards throughout the surrounding district. With the Houndé Project
and the Karma mine, Endeavour Mining is becoming a key partner for our Country"
Alpha Oumar Dissa, Minister of Energy, Mines and Carriers, stated:
"We are extremely pleased with the advancement of the Houndé project, which
demonstrates that the Houndé belt is amongst the world's most prosperous gold
mining regions. We look forward to continue to work closely with Endeavour and
the surrounding communities as they bring this flagship project to life.
Congratulations to everyone involved, I know the Houndé Mine will benefit the
Tuy region for generations to come."
Sébastien de Montessus, CEO of Endeavour, stated:
"We are honored to share this important event with President Kaboré, his Prime
Minister, his Minister of Energy, Mines and Carriers, and the numerous
government representatives here in support of the Houndé project. This strong
governmental presence demonstrates Houndé's importance for both Endeavour and
the country. The partnership between Endeavour and every level of government in
Burkina Faso exemplifies our collaborative and local approach to building mines
in West Africa. Burkina Faso is a key focus for Endeavour, and we are proud to
be a contributor to the economy and to our communities."
About the Houndé Project
Once in production, Endeavour's 90%-owned Houndé Project will become the
Company's flagship low-cost mine, ranking amongst West Africa's top tier cash
generating mines, with an average annual production of 190,000 ounces at an All-
In Sustaining Cost ("AISC") of US$709/oz over an initial 10-year mine life based
on reserves. Moreover, in its first 4 years, the average annual production is
expected to be 235,000 ounces at an AISC of US$610/oz.
The project is an open pit mine with a 3.0Mtpa gravity circuit/ Carbon-In-Leach
plant. The initial capital cost is estimated at $328 million, inclusive of $46
million for the owner-mining fleet. Construction began in April 2016 and is
progressing on-time and on-budget with tzhe first gold pour expected during the
fourth quarter of 2017.
Endeavour will employ up to 1,800 people during Houndé's construction phase and
470 once the project reaches commercial production, with an objective of
employing 90% Burkinabe nationals and a focus on increasing female employment in
the region.
Significant achievements to date:
* Construction is progressing on-time and on-budget; procurement is
approximately 30% complete with total capital commitments incurred amounting
to $105 million
* Mining fleet equipment financing, amounting to approximately $38 million
(for equipment valued at $46 million), has been signed with Komatsu Ltd.;
deliveries commence in Q4-2016. A further $6 million of equipment financing
for the balance of mining and construction equipment is anticipated to be
engaged with a third party in the near term
* Long lead-time capital items have been ordered, including the Ball and Sag
mill which will be manufactured by Outotec (who previously successfully
supplied Endeavour's Nzema and Agbaou projects) with delivery of the mills
expected in April 2017
* The grid power offtake agreement with Sonabel, the national electricity
provider, has recently been signed, with a 38km 91kv overhead power line and
a dedicated 91/11kv substation scheduled to be operational in Q3-2017
* Infrastructure and Bulk Earthworks have commenced, notably with the clearing
and preparation of the process plant area, the Water Storage Dam, and the
Water Harvest Dam; construction of roads within the project footprint; and
construction of the 300-person permanent accommodation camp
* First concrete in the process plant is scheduled for August 2016
* Land compensation process was successfully completed and resettlement is
underway, with all approvals in place
* Endeavour is in line with its objective of employing 90% Burkinabe nationals
at Houndé and community investment program initiatives have commenced
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold producer, focused on
developing a portfolio of high quality mines in the prolific West-African
region, where it has established a solid operational and construction track
record.
Endeavour is ideally positioned as the major pure West-African multi-operation
gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity),
Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to
produce between 535koz and 560koz at an AISC of US$870 to US$920/oz, excluding
Karma which is in the commissioning stage. Endeavour is currently building its
Houndé project in Burkina Faso, which is expected to commence production in Q4-
2017 and to become its flagship low-cost mine with an average annual production
of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on
reserves. The development of the Houndé project is expected to lift Endeavour's
group production +900kozpa and decrease its average AISC to circa $800/oz by
2018, while exploration aims to extend all mine lives to +10 years.
Contact Information
Vincent Benoit DFH Public Affairs in Toronto
EVP - Strategy & Business Development John Vincic
+33 (0)1 70 38 36 96 (416) 206-0118 x.224
vbenoit(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Martino De Ciccio Brunswick Group LLP in London
VP - Strategy & Investor Relations Carole Cable, Partner
+33 (0)1 70 38 36 95 +44 7974 982 458
mdeciccio(at)endeavourmining.com ccable(at)brunswickgroup.com
Qualified Persons
Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour's Chief Operating Officer, is a
Qualified Person under NI 43-101, and has reviewed and approved the operational
analysis, operating and capital estimates, and other technical information in
this news release.
Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins,
Monaco 98000
This news release contains "forward-looking statements" including but not
limited to, statements with respect to Endeavour's plans and operating
performance, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs of future production, future
capital expenditures, and the success of exploration activities. Generally,
these forward-looking statements can be identified by the use of forward-looking
terminology such as "expects", "expected", "budgeted", "forecasts", and
"anticipates". Forward-looking statements, while based on management's best
estimates and assumptions, are subject to risks and uncertainties that may cause
actual results to be materially different from those expressed or implied by
such forward-looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's most recent
Annual Information Form filed under its profile at www.sedar.com for further
information respecting the risks affecting Endeavour and its business.
View News Release in PDF Format:
http://hugin.info/171882/R/2024490/752289.pdf
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Source: Endeavour Mining Corporation via GlobeNewswire
[HUG#2024490]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2016 - 19:01 Uhr
Sprache: Deutsch
News-ID 481092
Anzahl Zeichen: 11045
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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